Statecraft and the Political Economy of Capitalism

Rising inequality, the advance of far-right populism, ecological and climatic catastrophe and the scourge of global pandemic disease - these are among the defining crises of our time. Addressing the governing challenges posed by each requires a more expansive vision of the scope and possibilities of state action than political scientists and economists have furnished to date. In Statecraft and the Political Economy of Capitalism political economists Scott G. Nelson and Joel T. Shelton examine several key social and political dynamics of advanced capitalism for insights into the fate of equality, community and solidarity. In chapters addressing divergent problems and spanning several centuries, statecraft is presented as a conceptual lens through which the art and practice of public action is continually rearticulated in response to the shifting economic, social and political conditions of a given epoch. The authors examine several consequential moments in the long tradition of political economy in relation to the governing predicaments of the present day, highlighting those predicaments that bear upon the well-being of all people, especially society's most vulnerable. The book thus reintroduces the creative and purposive aspects of governing to the study and practice of Political Economy, a field that has been too preoccupied with technical, institutional and procedural aspects of economic management. Framing problems of governing national and global economies in relation to the craft of the state means searching out continuities between capitalism's early promise and present peril. It also points to the need for innovation in the work of policy-making. Statecraft requires feats of courage as well as of the intellect, but even more it demands a capacity for imagination concerned with rendering a shared vision of the importance of a collective life.